NNN Property with Retail
For Sale
$2,900,000
459 S Transit St, Lockport, NY 14094
A newly signed 10-year lease includes an 8% rent increase scheduled for February 2030.
Property Size14,832 SF
Price / SF$195.52
Days on Market45
Property Features for 459 S Transit St
General Information
Standard status
Active
Size
14,832 SF
Property subtype
Auto Parts
Lease Type
NNN
Amenities
Long-Term Lease Security: Newly signed 10-year lease with an 8% rent increase scheduled for February 2030
Ample On-Site Parking: Property offers convenient on-site parking to support customer traffic and daily operations
Strong Retail Synergy: Nearby retailers include Caliber Collision, Pep Boys, Aldi, PetSmart, Burger King, Wendy's, OfficeMax, Tim Hortons, Five Below, and TJ Maxx.
Building Details
Building Size
14,832 SF
Listing Agency:
Los Angeles Office
(310) 909-5454
Listed By:
Tony Azzi · License #License(s): CA: 00910513
(310) 909-5454
Source:
Marcusmillichap
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 29 at 11:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Los Angeles Office
Investment Insights
Based on property information with market context.
This NNN property contains 14,832 square feet and is supported by a newly signed 10-year lease. The lease includes an 8% rent increase scheduled for February 2030, providing a defined contractual term and escalation schedule.
On-site parking supports customer access and day-to-day operations. The surrounding retail mix includes Caliber Collision, Pep Boys, Aldi, PetSmart, Burger King, Wendy's, OfficeMax, Tim Hortons, Five Below, and TJ Maxx, creating a concentration of established commercial activity near the property.
On-site parking supports customer access and day-to-day operations. The surrounding retail mix includes Caliber Collision, Pep Boys, Aldi, PetSmart, Burger King, Wendy's, OfficeMax, Tim Hortons, Five Below, and TJ Maxx, creating a concentration of established commercial activity near the property.
Key Highlights
- Newly signed 10‑year lease
- 8% rent increase scheduled for February 2030
- 14,832 square feet
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$163,149
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,262,980
$3.3M
Cap Rate 7%
$2,330,700
$2.3M
Cap Rate 9%
$1,812,767
$1.8M
Market Conditions
NOI Build-Up for 14,832 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$267.0K $18.00/SF
− Vacancy
−$33.9K −$2.29/SF
EGI
$233.1K $15.71/SF
− OpEx
−$69.9K −$4.71/SF
NOI
$163.1K $11.00/SF
Area
Niagara County, NY
Vacancy
12.70%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,262,980
Cap Rate 7%
$2,330,700
Cap Rate 9%
$1,812,767
Alternative Uses
Best Use
Industrial
$10.38M
$9.08M – $12.11M
NOI $726,508 @ 7.0% cap · market cap 25.05%
Second Best
Retail
$2.33M
$2.04M – $2.72M
NOI $163,149 @ 7.0% cap · market cap 5.63%
Theoretical Best
Warehouse
$12.60M
$11.03M – $14.70M
NOI $882,189 @ 7.0% cap · market cap 30.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
235k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 44%
Shops & Services 26%
Home Improvements & Furnishings 14%
Groceries 11%
The Home Depot
Home Improvements & Furnishings
32,028 visits/mo
0.4 miles
Aldi
Groceries
25,744 visits/mo
0.1 miles
Burger King
Dining
19,275 visits/mo
0.4 miles
Wendy's
Dining
17,272 visits/mo
0.4 miles
Panera Bread
Dining
14,693 visits/mo
0.5 miles
Demographics for 14094, NY
50,969
Population
23,283
Households
2.2
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
121.7 sq mi
ZIP Area
419
Density / Sq Mi
$73,354
Median Household Income
$45,056
Median Earnings
$869
Median Rent
$186,100
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - A newly signed 10-year lease includes an 8% rent increase scheduled for February 2030.
Where is this nnn property located?
The property is located at 459 S Transit St Lockport, NY.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Newly signed 10‑year lease; 8% rent increase scheduled for February 2030; 14,832 square feet
